Answer -
Step - (1) - Computation of Labor rate per hour for Sutton's Electronic Repair Shop for the year 2020.
Particulars | Calculations / Remarks | |
Total time charges | Given in question | $145700 |
Desired profit = [Repair time * Profit per labor hour] | [4700 hours * $14 per labor hour | $65800 |
Total |
[$145700 + $65800] | $211500 |
Estimated direct labor hours | Given in question | 4700 hours |
Labor rate per hour |
[$211500 / 4700 hours] | 45 per hour |
.
Step - (2) - Computation of Material loading charge percentage for Sutton's Electronic Repair Shop for the year 2020.
Particulars | Calculations / Remarks | |
Direct materials cost | Given in question | $105000 |
Total materials loading charges | Given in question | $59850 |
Materials markup | [$105000 * 26%] | $27300 |
Material loading percentage |
[($59850 + $27300) / $105000] * 100 | 83% |
.
Step - (3) - Computation of time-and-material price quotation for fixing the flat-screen TV.
Particulars | Calculations / Remarks | |
Labor charges | [4 hours * 45 per hour] | $180 |
Parts | Given in question | $400 |
Materials loading charges | [$400 * 83%] | $332 |
Total price of labor and material |
[$180 + $400 + $332] | $912 |
Practice Problem 1 Sutton's Electronic Repair Shop has budgeted the following time and material for 2020....
Sutton's Electronic Repair Shop has budgeted the followingg time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Material Loading Charges Time Charges $118,800 Shop employees' wages and benefits Parts manager's salary and benefits $25,400 21,600 15,400 Office employee's salary and benefits 27,000 17,340 Overhead (supplies, depreciation, advertising, utilities) $167,400 $58,140 Total budgeted costs Sutton's budgets 5,400 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with...
Problem 21-03A Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges Material Loading Charges $97,650 Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Overhead (supplies, depreciation, advertising, utilities) Total budgeted costs 20,250 21,600 $139,500 $25,400 17,440 16,320 $59,160 Sutton's budgets 4,500 hours of repair time in 2020 and will bill a profit of $14 per labor hour...
Practice Problem 1 Sutton’s Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON’S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges Material Loading Charges Shop employees’ wages and benefits $99,640 ― Parts manager’s salary and benefits ― $25,400 Office employee’s salary and benefits 17,860 13,360 Overhead (supplies, depreciation, advertising, utilities) 28,200 19,380 Total budgeted costs $145,700 $58,140 Sutton’s budgets 4,700 hours of repair time in 2020 and will bill a profit of $14...
1) Compute the labor rate for Sutton’s Electronic Repair Shop for the year 2020 2) Compute the Material loading percentage 3) Compute the Total Estimated bill Question 5 Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges $105,600 Material Loading Charges $25,400 19,200 17,650 Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Overhead (supplies, depreciation, advertising, utilities)...
Sutton’s Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON’S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges Material Loading Charges Shop employees’ wages and benefits $105,500 ― Parts manager’s salary and benefits ― $25,400 Office employee’s salary and benefits 21,500 15,600 Overhead (supplies, depreciation, advertising, utilities) 28,000 20,000 Total budgeted costs $155,000 $61,000 Sutton’s budgets 5,000 hours of repair time in 2020 and will bill a profit of $11 per labor hour...
Problem 21-03A a-c (Video) (Part Level Submission) Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges Material Loading Charges $108,000 Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Overhead (supplies, depreciation, advertising, utilities) 23,500 26,000 $157,500 $25,400 13,600 16,000 $55,000 Total budgeted costs Sutton's budgets 5,000 hours of repair time in 2020 and will bill a profit...
Compute the labor rate for Sutton’s Electronic Repair Shop for the year 2017. (Round answer to 2 decimal places, e.g. 10.50.) Compute the material loading charge percentage for Sutton’s Electronic Repair Shop for the year 2017. Calculate the time-and-material price quotation for fixing the flat-screen TV. (Round answer to 2 decimal places, e.g. 10.50.) Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges Material...
Question 17 Sutton’s Electronic Repair Shop has budgeted the following time and material for 2017. SUTTON’S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2017 Time Charges Material Loading Charges Shop employees’ wages and benefits $ 105,456 ― Parts manager’s salary and benefits ― $ 25,400 Office employee’s salary and benefits 19,056 17,650 Overhead (supplies, depreciation, advertising, utilities) 22,752 19,950 Total budgeted costs $ 147,264 $ 63,000 Sutton’s budgets 4,800 hours of repair time in 2017 and will bill a...
P22-3B Armstrong Bike Repair Shop has budgeted the following time and material for 2017 Armstrong Bike Repair Shop Budgeted Costs for the Year 2017 Time Material Charges Loading Charges Shop employees' wages and benefits $36.000 Parts supervisor's salary and benefits $20,000 Office employee's salary and benefits 15,000 10,000 Overhead (supplies, depreciation, advertising, utilities) 19,000 15,000 Total budgeted costs $70.000 $45.000 Armstrong budgets 2,500 hours of repair time in 2017 and will bill a profit of $5 per labor hour along...
Please help complete all yellow boxes. P22-3B Armstrong Bike Repair Shop has budgeted the following time and material for 2017. Armstrong Bike Repair Shop Budgeted Costs for the Year 2017 Time Material Charges Loading Charges Shop emplovees' wages and benefits Parts supervisor's salary and benefits Office employee's salary and benefits Overhead (supplies, depreciation, advertising, utilities) Total budaeted costs $36,000 15,000 19,000 $20,000 10,000 15,000 Armstrong budgets 2,500 hours of repair time in 2017 and will bill a profit of $5...